USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.33% against the JPY and closed at 115.19.
On the economic front, Japan’s preliminary estimate of machine tool orders recorded a fall of 17.2% YoY in January, following a drop of 25.7% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 114.67, with the USD trading 0.45% lower from yesterday’s close.
Earlier today, data showed that, Japan’s housing loans rose 2.2% YoY in Q4 2015, from a gain of 2.4% in the previous quarter.
The pair is expected to find support at 114.07, and a fall through could take it to the next support level of 113.47. The pair is expected to find its first resistance at 115.41, and a rise through could take it to the next resistance level of 116.15.
Amid no major economic releases in Japan today, trading trend in the Yen is expected to be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
